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Exhibit 99.1
Contact:
|
Richard Hallworth | Michael W. Taylor | ||
| President and Chief | Executive Vice President | |||
| Executive Officer | and Chief Financial Officer | |||
| (615) 376-0669 | (615) 376-0669 |
AMERICA SERVICE GROUP ANNOUNCES
FOURTH QUARTER AND YEAR END RESULTS
FOURTH QUARTER AND YEAR END RESULTS
Fourth Quarter Highlights:
| • | Increase in net income to $1.6 million in the quarter, from a net loss of $236,000 in the prior year quarter; |
| • | Incurred $740,000 of expenses in the quarter related to merger transaction; |
| • | Increase in net cash provided by operating activities to $25.8 million in the quarter from $8.5 million in the prior year quarter; |
| • | Increase in cash and cash equivalents to $39.6 million at December 31, 2010, from $15.4 million at September 30, 2010; and |
| • | No debt outstanding at December 31, 2010. |
BRENTWOOD, Tennessee (March 3, 2011) — America Service Group Inc. (NASDAQ:ASGR) announced today
results for the fourth quarter and year ended December 31, 2010, and provided its initial guidance
for full-year 2011 results.
Income Statement Presentation Format as a Result of United States Generally Accepted
Accounting Principles (“GAAP”) Related to Discontinued Operations
As noted in its 2009 annual report on Form 10-K, the Company is applying the discontinued
operations provisions of GAAP to all service contracts that expire subsequent to January 1, 2002.
In accordance with GAAP, the results of operations of contracts that expire, less applicable income
taxes are classified on the Company’s consolidated statements of operations separately from
continuing operations. The presentation prescribed for discontinued operations requires the
collapsing of healthcare revenues and expenses, as well as other specifically identifiable costs,
into the income or loss from discontinued operations, net of taxes. Items such as indirect
selling, general and administrative expenses or interest expense cannot be allocated to expired
contracts. The GAAP accounting presentation as it relates to discontinued operations and the
Company’s expired contracts has no impact on net income, earnings per share, total cash flows or
stockholders’ equity.
As a result of the application of GAAP related to discontinued operations, “healthcare revenues”
and “healthcare expenses” on the Company’s consolidated statements of operations for any period
presented will only include revenues and expenses from continuing contracts. The Company will also
discuss “Total Revenues,” “Total Healthcare Expenses,” and “Total Gross Margin,” which will include
all of the Company’s revenues and healthcare expenses for a period (i.e., healthcare revenues plus
revenues from expired service contracts, or healthcare expenses plus expenses from expired
contracts less share-based compensation expense). Total Gross Margin is defined as Total Revenues
less Total Healthcare Expenses. Total Gross Margin excludes share-based compensation expense.
Reconciliations of healthcare revenues to Total Revenues, healthcare expenses to Total Healthcare
Expenses and gross margin to Total Gross Margin are found in the attached schedules.
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The following information was filed by America Service Group Inc De on Thursday, March 3, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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America Service Group Inc De provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
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CIK: 877476
Form Type: 10-K Annual Report
Accession Number: 0000950123-11-021499
Submitted to the SEC: Thu Mar 03 2011 8:52:25 AM EST
Accepted by the SEC: Thu Mar 03 2011
Period: Friday, December 31, 2010
Industry: Health And Allied
External Resources:
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